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510 W 144th St 44 Unit Apartment Building $5,200,000 ($118,182/Unit) 8.31% Cap Rate New York, NY 10031

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Investment Highlights

510 West 144th Street is 25% free market with 11 of 44 units providing a clear path to rent growth.
8.5% Cap Rate | 5.5 x GRM | $145 per square foot

There is also one rent-controlled 2 bedroom apartment, presenting investors with potential long-term upside.
510 West 144th Street is conveniently located near the 145th Street D & 1 Subway Lines, The City College of NY, and Montefiore Hospital.

Executive Summary

The New York Multifamily Team at Marcus & Millichap is pleased to offer 510 West 144th Street, in the heart of Harlem. This meticulously maintained elevator building is comprised of 44 apartments, 11 of which are free-market. Spanning 41,420 square feet, this asset is situated in prime Upper Manhattan between Hamilton Place & Broadway, right off Amsterdam Avenue. With 25% of the units free market and a single rent- controlled two-bedroom apartment, the property provides investors with both immediate and long-term upside. 510 West 144th Street has been professionally managed, owned, and operated by the same family office for nearly 30 years.
THE OPPORTUNITY
Professionally Managed Legacy Asset: This 44-unit elevator building has been professionally managed, owned and operated by the same family office for nearly 30 years, offering investors a unique opportunity to acquire a legacy asset in a highly desirable submarket of Upper Manhattan.

510 West 144th Street - Executive Summary

Property Facts

Price	$5,200,000	Property Subtype	Apartment
Price Per Unit	$118,182	Apartment Style	Mid-Rise
Sale Type	Investment	Building Class	C
Cap Rate	8.31%	Lot Size	0.23 AC
Gross Rent Multiplier	5.33	Building Size	41,420 SF
No. Units	44	No. Stories	6
Property Type	Multifamily	Year Built	1925
Zoning	R7-2 - R7 Zoning is considered medium density residential. It is broken into 2 basic zoning districts R7-1 and R7-2. R7-2 has less parking requirements.

Price	$5,200,000
Price Per Unit	$118,182
Sale Type	Investment
Cap Rate	8.31%
Gross Rent Multiplier	5.33
No. Units	44
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Mid-Rise
Building Class	C
Lot Size	0.23 AC
Building Size	41,420 SF
No. Stories	6
Year Built	1925
Zoning	R7-2 - R7 Zoning is considered medium density residential. It is broken into 2 basic zoning districts R7-1 and R7-2. R7-2 has less parking requirements.